Green delivery milestone fails to electrify Coles share price

What was happening with the supermarket giant’s share price today?

| More on:
A man handles a pallet of grocerry goods stacked in rows in a warehouse area as though he is going to load it onto a trucl whose mirror can be seen in the foreground of the picture.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Coles share price has fallen more than 2% today 
  • Inflation fears are plaguing the market and Woolworths shares are also down 
  • Coles is trialling the use of an EV truck to deliver groceries from its distribution centre to supermarkets 

The Coles Group Ltd (ASX: COL) share price finished in the red today, despite electric vehicle (EV) news.

Coles shares fell 2.19% in today’s trade to $18.32. For perspective, the S&P/ASX 200 Index (ASX: XJO) closed also closed 0.78% lower today.

Let’s take a look at what is happening at Coles.

Coles share price falls

The Coles share price dropped today but it was not the only supermarket giant to fall. The Woolworths Group Ltd (ASX: WOW) share price also fell 2.34%, as did the S&P/ASX 200 Consumer Staples Index (ASX: XSJ), slipping 1.87%.

In today’s news, Coles has revealed it will introduce an electric truck to deliver products to New South Wales supermarkets.

This is part of a trial with Linfox Logistic, a transport partner working with Coles. Coles head of transport safety and sustainability David Clark said:

Coles’ first electric truck is a big step to introducing alternate fuel technologies to our supply chain, and we are excited about the opportunity to see more electric vehicles delivering groceries to our distribution centres and supermarkets in the future.

We will continue to work tirelessly toward our Together to Zero sustainability ambitions, with hopes to one day introduce electric vehicles to support home delivery, as customers look to live and shop sustainably.

The initiative will reduce the company’s carbon dioxide emissions by more than 60 tonnes.

It seemed ASX shares were suffering today amid rising inflation. The inflation rate has just hit 5.1%, Australian Bureau of Statistics (ABS) figures revealed today. This is its highest level in 20 years.

Coles share price snapshot

The Coles share price has surged nearly 17% in the past 12 months while it is up 2% this year to date.

By comparison, the benchmark ASX 200 index has returned about 3% in the past year.

Coles has a market capitalisation of about $24.5 billion based on the current share price.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Consumer Staples & Discretionary Shares

An older couple holding hands as they laugh while bouncing on a trampoline feeling happy that the Ardent Leisure share price is going up today
Consumer Staples & Discretionary Shares

Why is the Ardent Leisure share price jumping 9% today?

Ardent Leisure shareholders will be gearing up for a payday next month.

Read more »

A woman who used buy now, pay later receives her online shopping in the post only to find it's not what she wanted.
Consumer Staples & Discretionary Shares

Kogan shares slide 7% nearing a 52-week low

Kogan shares are falling today, but they are not alone in the sector.

Read more »

A woman looks unsure as she ladles mixture into a pan surrounded by small appliances
Consumer Staples & Discretionary Shares

Is the Breville share price out of the bargain bin?

The Breville share price is down 40% in 2022 -- but has gone up 5% in the past five trading…

Read more »

Happy woman looking for groceries. as she watches the Coles share price and Woolworths share price on her phone
Consumer Staples & Discretionary Shares

How did the Coles share price stay positive in June while the ASX 200 slumped?

Over a tumultuous month of trading for the ASX 200, the Coles share price is one of just a few…

Read more »

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Broker Notes

Top broker backs a tasty 20% upside for the Collins Foods share price

This ASX share could have plenty of upside ahead...

Read more »

Young girl drinking glass of milk
Consumer Staples & Discretionary Shares

Bubs share price drops despite new Target deal

The market continues to price in macroeconomic risks.

Read more »

Supermarket worker looks upset.
Broker Notes

Wesfarmers share price tumbles on broker downgrade

Wesfarmers shares are having a difficult day...

Read more »

Sports fans looking at smart phone representing surging pointsbet share price
Technology Shares

Why is the BlueBet share price rocketing 16% today?

BlueBet shares are off to a flying start on Tuesday.

Read more »